FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * ROUSE RICHARD J   2. Issuer Name and Ticker or Trading Symbol LEXINGTON REALTY TRUST [lxp] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Vice Chairman and CIO (Last) (First) (Middle) 3. Date of Earliest Transaction (Month/Day/Year) 12/31/2008 (Street)   4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Shares 12/31/2008   A   46,000 (1) A $ 5 457,315 D   Series D Cumulative Redeemable Preferred Stock               5,000 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Non-Qualified Share Option

$ 5.6

12/31/2008

D

233,800

(2)

12/31/2018

Common Shares

233,800

$ 0

233,800

D

LP Units Lepercq Corporate Income Fund L.P.

$ 0 (3)

(4)

(4)

Common Shares

52,901

52,901

D

LP Units Lepercq Corporate Income Fund II L.P.

$ 0 (3)

(4)

(4)

Common Shares

48,537

48,537

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ROUSE RICHARD J	X		Vice Chairman and CIO

Signatures

Richard J. Rouse, by Joseph S. Bonventre A.I.F.		01/02/2009
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Non-vested share award subject to performance and time based vesting restrictions.
(2)	Non-Qualified Share Options vest (i) 50% following a twenty (20) day trading period where the average closing price of a common share of Lexington Realty Trust on the New York Stock Exchange ("NYSE") is $8.00 or higher and (ii) 50% following a twenty (20) day trading period where the average closing price of a common share of Lexington Realty Trust on the NYSE is $10.00 or higher.
(3)	Redeemable on a one-for-one basis.
(4)	Currently excercisable with no expiration date.

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